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Just a 12 months and a half after Australian different meat startup Fable Food Co. introduced their flagship meaty pulled mushroom product to market, the corporate has raised $6.5 million (US$4.8 million) in a seed funding spherical to increase its manufacturing and manufacturing capabilities.
Led by Australian-based VC Blackbird Ventures, a enterprise capital agency that backed on-line design and publishing unicorn Canva at their seed stage in addition to alt protein pioneer Sunfed Meats, the funding will allow Fable to extend analysis and improvement and fund development plans in Australia and speed up the launch of its mushroom-based meat merchandise to worldwide markets, together with the United States.
Fable’s seed spherical attracted the curiosity of a variety of plant-based meat fans together with Silicon Valley’s AgFunder, sustainable tech fund Aera VC, APAC alt protein-focused Better Bite Ventures, Singapore’s Choon Marketing Pte Ltd and Warren Hogarth, a former companion Sequoia Capital.
Within its first 12 months in operation, Fable efficiently secured contracts with grocery store giants Woolworths and Coles and specialty grocery chain Harris Farm Markets. Its merchandise are additionally present in restaurant menus throughout Australia, Singapore, and the UK, and in meal supply providers Marley Spoon and Dinnerly.
Founded by a trio of meals business and enterprise veterans together with superb eating chef turned chemical engineer and mycologist Jim Fuller, Michael Fox (former CEO of Shoes of Prey), and natural mushroom farmer Chris McLoghlin, Fable is on a mission to assist finish industrial animal agriculture and encourage customers to make more healthy and extra sustainable meals selections. The model can be endorsed by superstar chef Heston Blumenthal, who options the minimally processed plant-based pattie on the menus of his Michelin Star eating places.
“We’re thrilled to have companions devoted to making a extra sustainable future, and who imagine in our mission to assist folks cut back their meat consumption and in the end finish industrial animal agriculture,” mentioned Michael Fox, Co-founder and CEO of Fable.
“Thanks to the backing and assist of Blackbird Ventures, AgFunder and all of our buyers, we will deliver our scrumptious, clear, and responsibly crafted meaty mushroom merchandise to extra folks around the globe.”
This information comes on the heels of the corporate’s partnership with Australian burger chain Grill’d which sees its mushroom burger patties featured in three plant-based burgers in 136 eating places throughout the nation, in addition to the creation of a restricted version burger created by Heston Blumenthal.
According to Barclays, plant-based meats are forecast to command 10% of the US$1.4 trillion international meat market by 2029 as a rising variety of flexitarian customers more and more select meat options for well being and environmental causes.
All pictures provided by Fable Food Co.